American International Group Inc. (AIG) will sell its life insurance unit in Taiwan to a consortium led by Hong Kong-based investment company Primus Financial Holdings Ltd. for US$2.15 billion, Primus said in a statement Tuesday.

"We aim to develop Nan Shan into a leading Taiwan-based, pan-Asian financial services company, and Nan Shan's management team, agents, and employees are an integral part of this vision," Primus Chairman Robert Morse, a former Citigroup investment banker, said.

Based on Nan Shan Life Insurance Co.'s Web site, the company, founded in 1963, had NT$1.54 trillion (US$47.66 billion) worth of assets and a net worth of NT$99.68 billion (US$3.1 billion) on June 30.

-By Perris Lee Choon Siong, Dow Jones Newswires; +8862-2502-2557; perris.lee@dowjones.com